What is it worth?

Ok. A few assumptions

Grays and RTD sale - They are not making any money so what are they worth. I'd say not much and I don't think there is a lot of synergies there for others to avail of. The only way you could prop Grays up is with disposal contracts for ECX assets however that may come at the detriment of the core business. Ill assume a write-off here of $200m noting that RTD was funded entirely by stock at $3/share

Next core business puts $70m in the tin. Let's assume some upside here once the loss making businesses are gone and cost cutting finished. For the record their consumer car buying dodgy idea is/was never going to fly either so scrap that.

If they can successfully dispose of assets without loss the existing book should be able to be wrung out for $90m per annum.

I will assume another $10m in synergies upon acquisition. A lot of back office functions are scalable. In my view acquisition will have to happen as board and senior management have now done their creditability. No one will back them on another acquisition and major holders support must be gone.

So possible to acquire a NP of around $100m. Has to be worth 5 times does it not?